UK sports car company Lotus is set to launch automotive NFTs on Ripple’s XRPL in collaboration with Ripple and NFT PRO, a beneficiary of Ripple’s Creators Fund.
A few weeks ago, iconic British performance car brand Lotus announced its plans to venture into the NFT space by launching Lotus NFTs. For its maiden NFT collection, Lotus will be teaming up with industry expert NFT PRO and Ripple will provide technical support as a blockchain partner. Lotus will launch the collection via Ripple’s ultra-fast, low-cost, and carbon-neutral XRP Ledger (XRPL) blockchain.
On June 29, it was Ripple’s turn to confirm the partnership via its official Twitter account. “We’re excited to partner with @lotuscars to help bring automotive #NFTs to the #XRPL,” Ripple said in the tweet.
A Closer Look at Lotus NFTs
The Lotus NFTs is an innovative project from the Lotus Advanced Performance division, which the company launched earlier this year. The NFTs will be created in-house by Lotus Design, with each design paying tribute to the pioneering Lotus spirit. The launch will mark Lotus’ official entry into the Web3 space.
It’s Lotus’ goal to create an exclusive community for automotive enthusiasts, collectors, and creators where they get to experience Lotus’ cars in a new and exciting digital space. In the coming weeks or months, lots of perks and exclusive benefits are in store for holders of the Lotus NFTs.
“Lotus has always been about cutting-edge innovation, and entering the Web3 space in this way, with a truly customer-focused NFT program, is another excellent example of that. Partnering with NFT PRO, a real expert in this field, means we are guaranteed to deliver truly memorable content for a new digital community of Lotus fans,” Simon Lane, Director of Lotus Advanced Performance, said in the official announcement.
Lotus NFTs X NFT PRO x Ripple
As mentioned, NFT PRO will closely work with Lotus to develop the NFTs. NFT PRO is one of the beneficiaries of Ripple’s $250 million Creators Fund. Commenting on this development, Christian Ferri, CEO of NFT PRO, said:
“It’s a privilege to partner with such an iconic British automotive brand and to help the Lotus Advanced Performance team connect with a new generation of fans. This announcement is only the beginning [of] this collaboration.”
On the part of Ripple, it’s worth noting that its XRPL has recently been widely adopted for different use cases. For instance, many fintech companies have used it to adopt a solution to develop decentralized exchange and facilitate cross-border payments.
It is likewise noteworthy how Ripple’s use of NFTs has seen widespread adoption these past few months. A prime example is in April 2022, when NBA legend Michael Jordan announced that he would use XRPL to launch NFTs.
NFTs and the Automotive Industry
Thanks to NFT projects like the Bored Ape Yacht Club and CryptoPunks, the popularity of NFTs soared to even greater heights. As a result, NFTs have expanded into more and more industries—entertainment, fashion, sports, automotive, and more.
Many car companies have recognized the potential of NFT technology in acquiring new customers and marketing new ideas. For instance, Lamborghini has auctioned NFTs related to real-world vehicles. A few months ago, there was a news report that Lamborghini sold an iconic Aventador LP 780-4 Ultimate Coupe, thanks to NFTs.
It remains to be seen whether the Lotus NFTs will be successful, but based on the automotive companies racing through the NFT space, speculations are rife that these will perform just as well.
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